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Intercontinental Bank enters Ghana market

A subsidiary of Intercontinental Bank Nigeria Plc would, early next month, commence operations in Ghana as part of the bank’s efforts to actualise its post-consolidation agenda.

A subsidiary of Intercontinental Bank Nigeria Plc would, early next month, commence operations in Ghana as part of the bank’s efforts to actualise its post-consolidation agenda.

The subsidiary, known as Intercontinental Bank Limited, Ghana, is a wholly owned subsidiary of Intercontinental Bank Nigeria Plc. It would have begun operations last December but for the necessary legal documentations required for its take off.

By this effort, Intercontinental Bank has joined the rank of Nigerian banks, such as Guaranty Trust Bank (GTB) Nigeria Plc, Zenith Bank Nigeria Plc and First Bank Nigeria Plc, which have subsidiaries in Ghana and other parts of the West African coast.

Although the bank is still expecting approvals from the Central Bank of Nigeria (CBN) and Bank of Ghana (BoG), a well-placed source said the approvals are likely to be ready before the end of this month. Already, an executive director of Intercontinental Bank Plc has been appointed the managing director and chief executive of the Ghana subsidiary, which is located in Accra, the country’s capital.
Vice-chairman and chief executive officer of the bank, Dr. Erastus Akingbola, had said that in the post-consolidation era, Intercontinental Bank would not be satisfied with being a local bank, adding that the bank would be a key player in the global economy in this post-consolidation era.

Intercontinatental Bank had concluded merger with three other banks, namely Equity Bank of Nigeria, Gateway Bank Plc and Global Bank Plc. The four banks now operate under the name Intercontinental Banks Plc with a shareholders’ funds that is in excess of N51 billion.

“With the merger, Intercontinental is now the fourth biggest bank in Nigeria in terms of balance sheet profitability and deposit base. It is at present, the most capitalised bank in Nigeria and one of the largest banks in Africa. The merger would strategically position the bank for long-term financial performance. The enlarged bank is now a bank that is playing a big role in the global arena and handling big-ticket transactions,” Akingbala said earlier.